IBM Acquires FileNet

Aug 15, 2006

IBM and FileNet Corporation, a provider of business process and content management solutions, have announced that the two companies have entered into a definitive agreement for IBM to acquire FileNet, a publicly held company based in Costa Mesa, Calif., in an all-cash transaction at a price of approximately $1.6 billion, or $35 per share. The acquisition is subject to FileNet shareholder approval, regulatory reviews and other customary closing conditions. It is expected to close in the fourth quarter of 2006. Following completion of the acquisition, IBM intends to combine FileNet's operations with IBM's Content Management business in the Information Management unit led by general manager Ambuj Goyal.